SURFERS PARADISE, Australia, Sept. 11, 2012 /PRNewswire/ — Global fund manager LM Investment Management Ltd (LM) and Kelly Slater Wave Company are in talks with a signed Memorandum of Understanding in place to bring the world's first ever continuous wave pool to Australia's Gold Coast.
The 118-hectare estate is also being landscaped by acclaimed international designer, horticulturist and television host Jamie Durie.
If successful, the agreement will see the Kelly Slater Wave Company win the race to deliver the world's first prototype surf park to the Gold Coast, Queensland, an already internationally famous surfing destination, ensuring thousands of surfers have the "perfect continuous wave" to surf as long as one physically can – being built at LM's Maddison Estate – located 20 kilometres from the beach in the city's booming northern corridor and in close proximity to Brisbane International Airport.
It will also mark a world first for Australian-owned LM, headed by Peter Drake, putting the Gold Coast, Australia, the funds management industry and the LM Funds on the map, globally.
The surf park is proposed for the 118-hectare Maddison Estate, an A$1 billion master-planned residential community in the Gold Coast's booming northern growth corridor. The project is being delivered by LM on behalf of investors in the LM Funds.
LM Chairman and CEO Peter Drake says Maddison has several groundbreaking aspects to change the face of residential community living "as we know it," whilst optimising returns for investors in the LM Funds.
"The benefits this holds for Maddison residents, LM investors, the wider Gold Coast and international community, tourism, international property investors and surfers alike are infinite. Without question, this will set a new benchmark for integrated residential living, anywhere in the world," says Drake.
"We are overwhelmed about the prospect of delivering the world's first continuous wave pool with Kelly Slater, arguably the world's most recognised surfer, let alone to be the first fund manager to do so," says Barnett.
Another international celebrity, Jamie Durie, will deliver world-class landscape design to Maddison Estate. Jamie, awarded an Order of Australia Medal this year, has appeared in over 30 television shows worldwide including Australia's award-winning Backyard Blitz. He has been a regular guest on the Oprah Winfrey Show and hosts his own shows, The Outdoor Room and HGTV specials, in the United States.
Durie Design has created large-scale landmark designs and resorts throughout Australia and globally in Hong Kong, Singapore, the United States, Spain, Morocco and Dubai.
The Australian garden design expert says he's flattered to be associated with his country's unique residential development.
"Our landscape designs will reflect the unique quality of Maddison, with each precinct being its own masterpiece," Durie said. "We believe that true art is designing a garden that gives its users a destination rather than just something to be admired from afar," said Durie.
"We will also take into account the lush surrounds of the estate, and work with a variety of native species on the site to create dynamic useable open spaces and statement gardens."
LM is a privately owned, Australian fund manager that holds significant property expertise through the management of its investment funds. Via the LM Funds, LM provides senior debt funding and participates in equity opportunities across prime assets spanning the residential, commercial, aged care, industrial and retail sectors of Australia. Over the past 14 years, LM has financed the successful delivery of some 400 projects on behalf of investors in the LM Funds. LM holds only Australian assets with a gross realisable value of approximately A$3 billion under management.
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Michelle Ballard
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